407 1st Ave · Ritzville, WA 99169

$479,000

None bd · 1.0 ba · 4,004 sqft · MultiFamily · 185 Days on market

Built 1950 Good condition 10,000 sqft lot ↓ 4% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Excellent investment opportunity in the growing community of Ritzville! Originally constructed in 1950, this income-producing property has undergone extensive updates and now features 8 studio apartments, 1 one-bedroom unit with a full kitchen, 2 two-bedroom units with full kitchens, and a remodeled office space. Recent improvements include fresh exterior paint, the addition of a coin-operated laundry facility, and a brand-new roof installed in 2025. Each studio unit is equipped with a private bathroom, hot plate, microwave, and compact refrigerator, providing comfortable and efficient living accommodations. Two additional studio units are ready for renovation, offering significant upside p

Key facts

• Brand new roof
• New exterior paint
• Mostly remodeled

Tags

• MOSTLY REMODELED
• NEW EXTERIOR PAINT
• BRAND NEW ROOF
• EACH UNIT HAS OWN BATHROOM
• COIN-OP LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath multifamily listed at $479k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $479k).
• Recommended offer: $422k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#173 in WA, #4,438 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Ritzville School District (rural): math 50% / reading 55% proficiency, ranked #134 of 291 in WA (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; 49 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Adams County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $134k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($422k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $421,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 14.82%
• Cash-on-cash: 30.46%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 2.04×
• Total profit: $139,359
• Equity at exit: $71,420

10-year hold

• IRR: 32.9%
• Equity multiple: 3.99×
• Total profit: $401,101
• Equity at exit: $41,415

Cash invested: $134,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 99169

• Home prices YoY: -12.3%
• Active inventory: 33
• Price-to-rent: 51.9×

Monthly cashflow live

• Estimated rent: $8,500 medium
• Mortgage (P&I): −$2,512
• Tax est. 1.5%: −$599 /mo · $7,185/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,785
• Net cashflow: $3,405

Break-even live

Break-even rent $4,190

Max offer price $479,000

Occupancy floor 55%

Sensitivity live

Price	-10% $3,736	-5% $3,570	+0% $3,405	+5% $3,239	+10% $3,074
Rent	-10% $2,733	-5% $3,069	+0% $3,405	+5% $3,740	+10% $4,076
Rate	-1.0pp $3,646	-0.5pp $3,527	base $3,405	+0.5pp $3,281	+1.0pp $3,154

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$6,921
▸ 2× units	2	1	$1,580
Total (11 units)			$8,500

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $119,750
• Closing costs: $14,370
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $479,000 Active 185 DOM
2. 2026-06-21
   days on market $479,000 Active 184 DOM
3. 2026-06-18
   days on market $479,000 Active 182 DOM
4. 2026-06-17
   pricedays on market $479,000 Active 181 DOM
5. 2026-06-15
   days on market $449,000 Active 180 DOM
6. 2026-06-15
   days on market $449,000 Active 179 DOM
7. 2026-06-13
   days on market $449,000 Active 178 DOM
8. 2026-06-12
   days on market $449,000 Active 177 DOM
9. 2026-06-09
   days on market $449,000 Active 174 DOM
10. 2026-06-08
    days on market $449,000 Active 173 DOM
11. 2026-06-08
    days on market $449,000 Active 172 DOM
12. 2026-06-07
    days on market $449,000 Active 171 DOM
13. 2026-06-03
    days on market $449,000 Active 168 DOM
14. 2026-06-02
    days on market $449,000 Active 167 DOM
15. 2026-06-02
    remarks 699-char remark
16. 2026-06-01
    days on market $449,000 Active 166 DOM
17. 2026-05-31
    days on market $449,000 Active 165 DOM
18. 2026-04-07
    price $449,000
19. 2026-02-14
    price $459,000
20. 2025-12-16
    listed $469,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $102,000
• − Mortgage interest: −$26,831
• − Property taxes: −$7,185
• − Insurance: −$2,395
• − Repairs & maintenance: −$8,160
• − Management: −$8,160
• − Depreciation: −$13,935
• Taxable income: $35,334
• Est. tax owed @ 24.0%: −$8,480
• After-tax cash flow: $32,377/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with recent updates, offering a solid investment opportunity in a growing community.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and property value.
• Both Paint exterior walls — Improves appearance and value.
• Both Upgrade HVAC units — Enhances comfort and energy efficiency, attracting tenants and buyers.
• Both Add modern decor — Modernizes the interior and enhances appeal for both renters and buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and property value. ↑
• Both Paint exterior walls — Improves appearance and value. ↑
• Both Upgrade HVAC units — Enhances comfort and energy efficiency, attracting tenants and buyers. ↑
• Both Add modern decor — Modernizes the interior and enhances appeal for both renters and buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ritzville School District
• NCES district ID: 5307380
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $44,763
• Composite: 46.27/100
• National rank: #5409
• State rank: #134 of 291 in WA

Livability — Ritzville

• Score: 74/100
• State rank: #173
• US rank: #4438

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment C- Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ritzville, WA
• City population: 2,637
• Population (ZIP): 2,637

Population outlook (Adams County) Hauer SSP2

• Today (2025): 19,554 people
• By 2030: 19,746 · +1.0%
• By 2040: 20,362 · +4.1%
• By 2050: 21,026 · +7.5%
• By 2075: 22,272 · +13.9%
• By 2100: 22,737 · +16.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 13% Hispanic / Latino 10% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 6% Slovak 5% Italian 3%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 95% English-only · German/W. Germanic 2% Vietnamese 1% Spanish 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+43.3) · D 27.2% · R 70.5% · Other 2.3%
• 2008→2024 swing: -8.9pp toward R · 2008: -34.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+35.7 2016: R+39.7 2012: R+33.9 2008: R+34.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.04%
• Current HPI: 236.3031
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

-4.3% since first listed

3 events — show timeline

• 2026-04-07 Price Changed $449,000 NWMLS as Distributed by MLS Grid
• 2026-02-14 Price Changed $459,000 NWMLS as Distributed by MLS Grid
• 2025-12-16 Listed $469,000 NWMLS as Distributed by MLS Grid